The total of the Purchases Day Book is transferred to the
A. Credit side of the Purchases Account
B. Debit side of the Purchases Journal
Credit side of the Purchases Book
Debit side of the Purchases Account
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Depreciation is
A. The amount spent to buy a non-current asset
B. The salvage value of a non-current asset
C. The part of the cost of the non-current asset consumed during its period of use by the firm
D. The amount of money spent replacing non-current assets
A firm bought a machine for £3,200. It is to be depreciated at a rate of 25 per cent using the reducing balance method. What would be the rema ining book value after two years?
A. £1,600
B. £2,400
C. £1,800
D. Some other figure
At the balance sheet date the balance on the Accumu lated Provision for Depreciation Account is
A. Transferred to the Depreciation account
B. Transferred to Profit and Loss
C. Simply deducted from the asset in the Balance Sheet
D. Transferred to the Asset account
If an accumulated provision for depreciation account is in use then the entries for the year's depreciation would be
A. Credit Provision for Depreciation Account, debit Profit and Loss Account
B. Debit Asset Account, credit Profit and Loss Account
Credit Asset Account, debit Provision for Depreciation Account
D. Credit Profit and Loss Account, debit Provision for Depreciation Account
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